Fibonacci Retracements Analysis 19.03.2020 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
It’s better to analyze the current market situation using the monthly chart. As we can see, AUDUSD has broken 76.0% fibo and is currently moving towards the long-term fractal support at 0.7477. After reaching this level, the pair may rebound and start a new long-term bullish phase. In this case, the resistance is 61.8% fibo at 0.7180.
In the daily chart, AUDUSD is moving towards the post-correctional 261.8% fibo at 0.5335. After rebounding from this level, the instrument may start a new mid-term correction.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the monthly chart, USDCAD is forming a quick rising impulse, which is heading towards the long-term high at 1.4690. If the price breaks this level, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.5693 and 1.6325 respectively. The current support is at 1.3371.
In the daily chart, the pair is testing the high and may later start a new pullback; the targets are 23.6%, 38.2%, and 50.0% fibo at 1.4260, 1.4010, and 1.3811 respectively. The resistance is at 1.4668
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